Montecito Bank & Trust Sells 75 Shares of FedEx Co. (NYSE:FDX)

Montecito Bank & Trust trimmed its position in FedEx Co. (NYSE:FDX) by 1.7% in the third quarter, Holdings Channel reports. The fund owned 4,391 shares of the shipping service provider’s stock after selling 75 shares during the quarter. Montecito Bank & Trust’s holdings in FedEx were worth $1,202,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Evermay Wealth Management LLC grew its position in shares of FedEx by 72.7% in the 3rd quarter. Evermay Wealth Management LLC now owns 95 shares of the shipping service provider’s stock valued at $26,000 after buying an additional 40 shares during the last quarter. Highline Wealth Partners LLC bought a new stake in shares of FedEx during the 3rd quarter valued at about $31,000. Central Valley Advisors LLC acquired a new stake in shares of FedEx during the 2nd quarter worth approximately $39,000. Abound Wealth Management raised its holdings in shares of FedEx by 175.9% during the second quarter. Abound Wealth Management now owns 149 shares of the shipping service provider’s stock valued at $45,000 after purchasing an additional 95 shares during the period. Finally, Harbor Capital Advisors Inc. acquired a new stake in FedEx in the third quarter valued at approximately $47,000. 84.47% of the stock is owned by institutional investors and hedge funds.

FedEx Stock Up 1.7 %

FDX stock opened at $280.06 on Thursday. The company has a market cap of $68.42 billion, a price-to-earnings ratio of 17.28, a P/E/G ratio of 1.09 and a beta of 1.17. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.24 and a current ratio of 1.28. The business’s 50-day moving average is $275.86 and its two-hundred day moving average is $275.26. FedEx Co. has a fifty-two week low of $234.45 and a fifty-two week high of $313.84.

FedEx (NYSE:FDX) last posted its quarterly earnings data on Thursday, September 19th. The shipping service provider reported $3.60 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.82 by ($1.22). FedEx had a return on equity of 15.61% and a net margin of 4.62%. The business had revenue of $21.58 billion during the quarter, compared to analysts’ expectations of $21.87 billion. During the same period in the previous year, the business posted $4.55 EPS. The business’s quarterly revenue was down .5% compared to the same quarter last year. As a group, analysts forecast that FedEx Co. will post 19.59 earnings per share for the current year.

FedEx Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Monday, September 9th were issued a $1.38 dividend. The ex-dividend date was Monday, September 9th. This represents a $5.52 dividend on an annualized basis and a yield of 1.97%. FedEx’s dividend payout ratio is currently 34.05%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Robert W. Baird lowered their price objective on FedEx from $340.00 to $320.00 and set an “outperform” rating for the company in a research note on Friday, September 20th. Raymond James lowered their target price on FedEx from $335.00 to $330.00 and set a “buy” rating on the stock in a research note on Friday, September 20th. TD Cowen dropped their price objective on FedEx from $334.00 to $328.00 and set a “buy” rating on the stock in a report on Friday, September 20th. BMO Capital Markets decreased their price target on shares of FedEx from $325.00 to $300.00 and set a “market perform” rating on the stock in a report on Friday, September 20th. Finally, Morgan Stanley cut FedEx from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $215.00 to $200.00 in a report on Friday, September 20th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seventeen have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $314.17.

FedEx Profile

FedEx Corporation provides transportation, e-commerce, and business services in the United States and internationally. It operates through FedEx Express, FedEx Ground, FedEx Freight, and FedEx Services segments. The FedEx Express segment offers express transportation, small-package ground delivery, and freight transportation services; and time-critical transportation services.